Self Imposed Repossession of Auto

I understand that this might not be the appropriate newsgroup for this
topic, but I thought I would try anyway.

One of my clients has found himself in quite the bind and has asked me
about the pros and cons of a volunteered reposition of his vehicle.

Does anyone have any experience with this matter and if so, what can my
client expect?

Any feedback would be truly appreciated.

Regards,

Scott Miller
Commercial and Residential Lender/Broker

www.EZMortgageLoanz.com
www.RealEstate-IQ.com

Re: Self Imposed Repossession of Auto

I am in the repossession business (www.falconrepo.com). When you say
"volunteered reposition" did you mean volunteered repossession? If so,
the bank or creditor does make note of the voluntary nature of the
repossession on the credit report. However, most of the damage has
been done by being so seriously past due, and that there was a
repossession at all.


Patrick Altes

Re: Self Imposed Repossession of Auto

In article <>,
"$cott" <> wrote:

> One of my clients has found himself in quite the bind and has asked me
> about the pros and cons of a volunteered reposition of his vehicle.
>
> Does anyone have any experience with this matter and if so, what can my
> client expect?

While this sounds like you are doing both the creditor and yourself
a favor, it usually works out that you end up getting screwed compared
to simply letting it go when the time comes. In fact, you may
be able to string the creditor along a few more months by paying
partial payments. In the end, a repo is a repo, you are not going
to part company with the bank on happy terms, so you might as well
get as much as you can out of the deal in the mean time.

-john-

--
============================================================ ==========
John A. Weeks III 952-432-2708
Newave Communications
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Re: Self Imposed Repossession of Auto

Thanks for all that provided their comments/insights.

I will forward this thread to my client and leave it with them to
decide how they are going to proceed.

Regards,

Scott Miller
Commercial and Residential Lender/Broker

www.EZMortgageLoanz.com
www.RealEstate-IQ.com